K&T Forlex

MANAGEMENT OF CONTRACTS 1.       Overview of Contract Lifecycle Management Contracts define the responsibilities, rights, and obligations for the enterprise relationship with suppliers, vendors, partners, customers, or employees. [1] They play an instrumental role in mitigating risk associated with commercial or non-commercial commitments between two entities in the business ecosystem.  ‘Contract lifecycle management is nothing but,  the proactive, methodical management of a contract from initiation through award, compliance, and renewal [2] . In simpler terms, it is the management of contracts made with customers, vendors, partners, or employees. It also encompasses negotiation of the terms and conditions in contracts, as well as documenting and agreeing on any changes or amendments that may arise during its implementation or execution. It can be summarized as the process of systematically and efficiently m...

OPCs, LLPs, Start-Ups, MSMEs, and NCLTs to look for By K&T Forlex Team India's Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman on February 1, 2021, proposed reforms for small companies and MSMEs to strengthen the Startup ecosystem, while presenting Union Budget 2021-22 in Parliament. OPC (One Person Company): Through the present budget, Government of India has now eyeing to boost Start Up ecosystem by removing few restrictions such as: a) Encouragement to NRIs, by allowing them to incorporate OPCs; b) Reducing residency criteria/limit from 182 days to 120 days; c) No restrictions over paid up capital and turnover; d) easy conversion from OPC to any other form of legal entity at anytime. Definition of Small Companies: a) Increase in threshold for paid up capital from "not exceeding Rs. 50 lakh" to "not exceeding Rs. 2 Crore"; b)  Increase in threshold for turnover from "not exceeding Rs. 2 Crore" to "not exceeding Rs....

  COMPANIES (Corporate Social Responsibility Policy) Amendment Rules, 2021 Introduction Corporate Social Responsibility (CSR) means the activities undertaken by a Company in pursuance of its statutory obligation laid down in section 135 of the Companies Act, 2013, but it shall not include activities undertaken in the normal course of business. CSR is also often referred to as business responsibility and an organization’s action on environmental, ethical, social, and economic issues.   CSR means manufacturing products in a way that doesn’t harm the environment and protects the consumer from potentially hazardous materials. The amendments introduced in Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 are as follow: Rule 4, CSR Implementation 1.       From 1 st April 2021, entities are obligated under CSR to register itself with the Central Government by filing e-form CSR-1 electronically with the registrar. 2. ...